Regulators Bring a Strange Spoofing Case

When spoofing isn’t really spoofing :

One possibility is that Oystacher saw that the market didn’t look especially weak, and switched to being a buyer instead, betting that the price would go up. This story would not be about spoofing; it would be the opposite. In this story, Oystacher put in a big sell order, and then switched to being a buyer not because he saw tons of other sellers come in behind him, but because he saw so few sellers come in behind him (and so few buyers clear out in front of him). There weren’t that many sellers at the current offer (other than him), and there were a lot of buyers at the current bid, so he figured the price would go up.

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